Folder structure:

codes - contains stata codes; pelase replace the path with the directory where you will unzip the files
constructed - contains merged/derived data
public_data - contains original data from public sources
output - contains regression results



1. The stata code for setup is "bis_setup_public.do" in the folder "codes". This files assembles all the  public data (i). BIS data, (ii) IMF lending data and (iii) IMF WEO GDP data and saves the resulting stata file (bis_n.dta in folder "constructed") that is used for final regressions.

2. The stata code for regressions is "bis_regs_public" (in folder "codes"); this takes the regression file from step 1. and runs 2 specifications reported in Annex Table 4 of the paper.

3. The regression output is saved in the folder "output"